Mid-Afternoon Market Update: Dow Jumps 400 Points; CorMedix Shares Slide

Toward the end of trading Friday, the Dow traded up 1.19% to 34,424.80 while the NASDAQ rose 2.41% to 13,440.75. The S&P also rose, gaining 1.62% to 4,179.15.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 32,853,340 cases with around 584,490 deaths. India confirmed a total of at least 24,046,800 cases and 262,310 deaths, while Brazil reported over 15,433,980 COVID-19 cases with 430,410 deaths. In total, there were at least 161,224,500 cases of COVID-19 worldwide with more than 3,345,930 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares climbed 2.8% on Friday. Meanwhile, top gainers in the sector included Gevo, Inc. GEVO, up 23%, and Range Resources Corporation RRC, up 14%.

In trading on Friday, health care shares rose by just 0.6%.

Top Headline

Walt Disney Co DIS reported upbeat earnings for its second quarter, while sales missed expectations.

Disney's revenue in the quarter was $15.6 billion, a year-over-year decline of 13%. The revenue figure came in lower than estimates of $15.9 billion. The company reported adjusted earnings per share of 79 cents in the second quarter, up from 60 cents in the prior year’s second quarter. Analysts were expecting earnings of $0.28 per share.

Disney+ ended the second quarter with 103.6 million subscribers. The company had 94.9 million subscribers at the end of the first quarter.


Equities Trading UP

LifeMD, Inc. LFMD shares shot up 33% to $8.63 after the company reported upbeat quarterly earnings and raised FY21 sales guidance.

Shares of Dillard's, Inc. DDS got a boost, shooting 20% to $122.61 after the company reported Q1 net income of $7.25 per share, versus a year-ago net loss of $6.94 per share. Its sales also jumped to $1.33 billion from $786.70 million.

HyreCar Inc. HYRE shares were also up, gaining 44% to $12.90 after the company reported Q1 results.

Check out these big movers of the day

Equities Trading DOWN

PolarityTE, Inc. PTE shares tumbled 21% to $0.9809 after the company reported worse-than-expected Q1 EPS results.

Shares of CorMedix Inc. CRMD were down 20% to $6.03 after the company reported worse-than-expected Q1 earnings.

Solid Biosciences Inc. SLDB was down, falling 21% to $3.4905 after the company reported Q1 results.


In commodity news, oil traded up 2.4% to $65.34, while gold traded up 0.9% to $1,841.10.

Silver traded up 1.4% Friday to $27.45 while copper fell 0.7% to $4.6565.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 1.19%, the Spanish Ibex Index rose 2% and the German DAX 30 gained 1.43%. Meanwhile, the London’s FTSE 100 rose 1.15%, French CAC 40 rose 1.54% and Italy’s FTSE MIB climbed 1.14%.

Spanish consumer prices increased 2.2% year-over-year in April.


Retail sales stalled in April following a revised 10.7% jump in March.

US import prices rose 0.7% in April, while prices for US exports rose 0.8%.

US industrial production increased 0.7% for April.

US business inventories rose 0.3% for March.

The University of Michigan's consumer sentiment index declined to 82.8 in May from 88.3 in April.

The total number of active U.S. oil rigs rose by 8 to 352 rigs this week, Baker Hughes Inc reported.

Check out the full economic calendar here

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